USD/JPY may get help from USD strength in other pairs

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Moscow) - USD/JPY slid to 102.50 area after reaching 102.72 session high, but is trying to recover again.



Happy end of Tuesday



Boring Monday was followed by boring Tuesday, as there is only one market moving event today, and it’s going to be released during American session. According to the median forecasts the Non-Manufacturing ISM improved to 56.3 in July from 56.0 in June and, thus, recovered from temporary weak spot. Economists are optimistic about the outcome as the latest service sector surveys have brightened and brought hope for higher business activity in service segment – one of the most important in the American economy. If everything ends up happily, we may see the pair moving to 102.74 resistance.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.57, with support below at 102.40, 102.24 and 102.07 with resistance above at 102.74, 102.91, and 103.07. Hourly Moving Averages are bullish, with the 200SMA bullish at 102.22 and the daily 20EMA bullish at 102.02. Hourly RSI is bearish at 40.



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